Business

Hồ Chí Minh City eyed as Southeast Asia’s economic hub by 2030

HÀ NỘI – The Politburo on Friday issued a resolution setting a goal that tasks Hanoi to lead the country in digitalization and to become the economic hub of Southeast Asia by 2030.At the meeting chaired by Party General Secretary Nguyễn Phú Trọng, the Politburo reviewed the... Read More

G7, Australia agree on $60 price cap for Russian oil per barrel

WASHINGTON – Members of the Group of Seven (G7) and Australia have agreed to set the price cap on Russian oil at the level of $60 per barrel, the countries said in a joint statement."The G7 and Australia, as current members of the Price Cap Coalition, on 2 December 2022 reached consensus on a... Read More

PH peso climbs to P55-level, but stocks index slips anew

MANILA – The Philippine peso ended the week better against the US dollar after climbing to the PHP55-level, but the main equities index shed anew as investors continue to take profit following last week’s rally.The local currency ended the trading at PHP55.71 a dollar from PHP 56.1 on... Read More

BSP 28-day bill rate up anew

MANILA — Rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day bill rose anew on Friday, but the debt paper still attracted large volume of bids this week.Average rate of the debt paper rose to 6.1740 percent from 6.0031 percent during the auction last November 25.BSP kept the offer... Read More

C. Luzon SMEs get boost via innovation confab

CITY OF SAN FERNANDO, Pampanga – Small and medium enterprises (SMEs) in Central Luzon have been given a big boost in upgrading their businesses through collaborative innovations.Through the 2022 THRIVE Central Luzon Innovation Summit, the Department of Science and Technology (DOST) and... Read More

BIR exceeds October target by 1.48%

MANILA — Bureau of Internal Revenue (BIR) on Thursday said it surpassed its October 2022 collection goal by 1.48 percent as revenues hit PHP186.759 billion.In a statement, the agency, which is tasked to collect around 70 percent of government revenues, said its revised goal for the 10th month... Read More

NegOr MSMEs urged to adopt digital biz strategies

DUMAGUETE CITY – The Department of Trade and Industry (DTI) in Negros Oriental on Thursday called on micro, small, and medium enterprises (MSMEs) in the province to adapt to the new trend of doing business through digital platforms.“This is the way to go now, and we don’t want to... Read More

PH manufacturing posts uptick in Nov. performance

MANILA – The country’s manufacturing sector has logged an uptick in its November performance, the S&P Global manufacturing purchasing managers index (PMI) reported Thursday.The records showed the manufacturing PMI improved to 52.7 from last month’s 52.6.An index above 50... Read More

Economist eyes sustained mid-single digit M3 growth

MANILA – Growth of domestic liquidity or M3 is projected to remain in the mid-single digits in the near term, an economist said Thursday, noting excess liquidity in the system that is being siphoned off through the various central bank facilities, among others. Rizal Commercial Banking... Read More

LPG prices up ahead of holiday season

MANILA – Consumers would have to pay more as prices of liquefied petroleum gas (LPG) increased effective Thursday morning, ahead of the Christmas holidays.In separate statements, Petron and Phoenix LPG said they hiked LPG prices by PHP2.25 per kilogram, while Solane-branded LPG increased... Read More

Gov't 2023 growth target still feasible amid rate upticks

MANILA – Hikes in interest rates are not expected to greatly dampen the domestic economy’s 2023 growth, with Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla citing pent up demand and recovery of tourism as drivers of growth.“I would say that the DBCC (Development Budget... Read More

Bank lending, M3 growth seen as economy reopens, recovers

MANILA – An economist forecasts the rise of loans extended by banks to be sustained as the economy reopens, which can also boost domestic expansion amid the projected hikes in central banks’ policy rates.Data released by the Bangko Sentral ng Pilipinas (BSP) Tuesday night showed a 13.9... Read More

BSP eyes November inflation at 7.4% to 8.2%

MANILA – Higher prices of electricity, liquified petroleum gas (LPG), and some agricultural items, with the latter due to the impact of Severe Tropical Storm Paeng, are seen to push the domestic inflation rate to a range of between 7.4 percent and 8.2 percent for November 2022.In a statement... Read More

Banks-fintech tie-up must for customer satisfaction: exec

MANILA – Banks should not consider financial technology firms as competitors but instead as partners in ensuring customer satisfaction vis-à-vis the digital finance space, an executive of a financial software company said. In a briefing on Tuesday, Finastra Asia Pacific Payments... Read More

Stocks index up as peso ends sideways

MANILA – The main equities index rose anew on Tuesday amidst questions on China’s zero-Covid policy while the peso finished sideways against the United States dollar. The Philippine Stock Exchange index (PSEi) improved by 1.49 percent, or 99.31 points, to 6,780.78 points. All Shares... Read More

New technologies seen to help upscale businesses in C. Luzon

CITY OF SAN FERNANDO, Pampanga – The Department of Science and Technology (DOST) kicked off on Tuesday its regional celebration of the 2022 National Science and Technology Week, exhibiting the research and development innovations and technologies of various higher education institutions (HEIs)... Read More

German firms urged to invest in PH infra

MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has urged German investors to look into business opportunities in the Philippines, especially in areas of infrastructure, electric vehicles, manufacturing and services.In a business forum of German-Philippine Chamber of... Read More

BTr partially awards 5-year T-bond

MANILA – The Bureau of the Treasury (BTr) partially awarded on Tuesday the five-year Treasury bond (T-bond) offered for PHP35 billion. It awarded the debt paper for PHP22.969 billion even after bids reached PHP65.514 billion. This, even as its rate declined to 6.568 percent, which National... Read More

Undersubscription, rate uptick reign in TDF auction

MANILA – Further increase in interest rates, along with banks’ decision to keep their cash ahead of the holidays, resulted in the undersubscription in the central bank’s term deposit facility (TDF) on Tuesday. The Bangko Sentral ng Pilipinas (BSP) lowered the offering for the... Read More

145K learners benefit from Accenture’s skills-building program

MANILA – Business process management (BPM) firm Accenture Philippines reported Tuesday that some 145,000 learners have benefitted from its Skills to Succeed (S2S) Academy, a skills-building program to enhance Filipinos’ employability.In a press conference, Accenture Philippines,... Read More